Concentrix Co. (NASDAQ:CNXC) Raises Dividend to $0.33 Per Share

Concentrix Co. (NASDAQ:CNXC) declared a quarterly dividend on Wednesday, September 25th, Zacks reports. Shareholders of record on Friday, October 25th will be given a dividend of 0.333 per share on Tuesday, November 5th. This represents a $1.33 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date of this dividend is Friday, October 25th. This is a positive change from Concentrix’s previous quarterly dividend of $0.30.

Concentrix has a dividend payout ratio of 10.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Concentrix to earn $11.02 per share next year, which means the company should continue to be able to cover its $1.33 annual dividend with an expected future payout ratio of 12.1%.

Concentrix Stock Down 4.2 %

Shares of NASDAQ:CNXC opened at $45.16 on Wednesday. The company has a debt-to-equity ratio of 1.18, a current ratio of 1.57 and a quick ratio of 1.57. The stock has a market cap of $2.95 billion, a price-to-earnings ratio of 10.45, a P/E/G ratio of 0.67 and a beta of 0.58. The company has a 50 day moving average of $62.04 and a 200-day moving average of $62.19. Concentrix has a one year low of $44.95 and a one year high of $106.10.

Concentrix (NASDAQ:CNXC) last released its earnings results on Wednesday, September 25th. The company reported $2.87 EPS for the quarter, missing analysts’ consensus estimates of $2.93 by ($0.06). The business had revenue of $2.39 billion for the quarter, compared to analyst estimates of $2.38 billion. Concentrix had a return on equity of 16.57% and a net margin of 2.18%. Concentrix’s revenue was up 46.2% on a year-over-year basis. During the same period in the prior year, the firm posted $2.54 EPS. On average, sell-side analysts forecast that Concentrix will post 10.18 earnings per share for the current year.

Insider Activity

In related news, EVP Cormac J. Twomey sold 400 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the sale, the executive vice president now directly owns 29,327 shares of the company’s stock, valued at approximately $2,188,674.01. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Cormac J. Twomey sold 1,544 shares of Concentrix stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $51.38, for a total value of $79,330.72. Following the sale, the executive vice president now directly owns 27,783 shares in the company, valued at $1,427,490.54. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Cormac J. Twomey sold 400 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $74.63, for a total transaction of $29,852.00. Following the completion of the sale, the executive vice president now directly owns 29,327 shares in the company, valued at approximately $2,188,674.01. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 12,167 shares of company stock worth $653,747 in the last 90 days. Corporate insiders own 3.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Canaccord Genuity Group dropped their price objective on Concentrix from $125.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, September 26th. Robert W. Baird began coverage on Concentrix in a research note on Thursday, October 3rd. They issued an “outperform” rating and a $70.00 price target for the company. Bank of America cut their price target on shares of Concentrix from $85.00 to $70.00 and set a “neutral” rating on the stock in a research report on Thursday, September 26th. Baird R W upgraded shares of Concentrix to a “strong-buy” rating in a report on Thursday, October 3rd. Finally, Barrington Research cut their target price on shares of Concentrix from $84.00 to $70.00 and set an “outperform” rating on the stock in a report on Thursday, September 26th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $79.00.

Concentrix Company Profile

Concentrix Corporation engages in the provision of technology-infused customer experience (CX) solutions worldwide. The company provides CX process optimization, technology innovation, front- and back-office automation, analytics, and business transformation services, across various channels of communication, such as voice, chat, email, social media, asynchronous messaging, and custom applications.